Nail Polish Booms in Tough Economy
Nail polish sales are up this year, proving that even in a struggling economy some things are still affordable. According to Reuters, American women bought 59 percent more nail polish in the first ten months of 2011 as compared to the same period in 2010.
“Nail polish is an affordable indulgence,” said Karen Grant of the market research firm NPD Group, which conducted the survey. “It’s an easy way to be on-trend and to make a statement.”
Both colored nail polish and base coat sales were up this year, meaning many women are likely skipping the salon and painting their own nails. According to Grant, it’s a nice way to increase options while saving a little money, and others in the industry agree.
“Beauty is one thing women never forget about,” said Lali Lali salon manager Demitrius Simpkins. “Manicures are a way to lift spirits.”
Grant added that women also likely see a bottle of nail polish as a reasonable purchase because it lasts for weeks, as opposed to a night out that only lasts through dinner. She likened the nail polish boom to beauty- and savings-minded women who propelled lipstick sales forward in 2001 when the tech bubble burst.
“The size of the market is burgeoning, and there’s a huge opportunity for doubling or even tripling growth,” Grant said. “It’s like lipstick ten years ago.”
Reuters noted that the trend in lipstick was so remarkable at the time that Estee Lauder chairman Leonard Lauder even coined the term “lipstick index” to refer to the phenomenon.